摘 要
本文对旨在房地产上市实体的市净率的影响因素进行研究。
首先，从企业估值原理出发，得出房地产业的市净率应该接近于
1，但从实证角度观测得出房地产上市实体的市净率均值显著小于 1。
而后，从委托-代理成本、信号传递理论、权衡理论等经典理论
出发，探求可能的影响因素，回顾了前人关于董事持股金额、股利政
策、资产负债率、带息负债率等与市净率或 Tobin’s Q 的相关性研
究，选定了“内部持有比率”、“派息率”、“带息负债率”、“以
公允价值计量的物业占净资产的比率”这 4 个指标作为研究变量，研
究其与市净率之间的相关性。
最后，以新加坡上市实体为对象来实证检验这些可能的影响因
素，得出以下结论：派息率与市净率呈显著的正相关；带息负债率与
市净率呈显著的正相关。根据这些结论，本文对房地产行业你上市实
体的发行股数、融资方式、资产运营和市场价值等方面提出了建议。
关键词：房地产、上市实体、市净率、影响因素、相关性
ABSTRACT
The aim of this article was to determine and examine the factors that influenced the
price-to-book ratio in the context of listed entities in the real estate sector.
To start with, this article referred to the corporate valuation principal, and reached a
pre-conclusion that the price-to-book ratio of the listed entities in the real estate sector
should be close to 1, whereas the empirical evaluation showed the average of
price-to-book ratio was significantly smaller than 1.
Thereafter, this article sought the possible factors by referring to Principal-Agent
Theories, Signaling Theories and Trade-off Theories, and chose 4 factors to examine
after reviewing the literatures on director’s shareholding amount, dividend policies
and leverage ratio in relation to price-to-book ratio or Tobin’s Q. The 4 factors were
Internal-Shareholding Percentage, Payout Ratio, Interest-Bearing Borrowing Ratio
and Fair-Valued Properties as a Percentage of Net Assets.
Ultimately, this article examined the co-relationship of the 4 factors and the
price-to-book ratio in the context of listed entities in the real estate sector of
Singapore Stock Exchange, and reached the following conclusion: The co-relationship
between Payout Ratio and the price-to-book ratio was positive and significant; the
co-relationship between Interest-Bearing Borrowing Ratio and the price-to-book ratio
was also positive and significant. Based on these conclusions, this article raised
some suggestions regarding the number of shares to issue, the financing structure, and
strategies in relation to the assets management and the market value.
KEYWORDS：Real Estate, Listed Entities, Price-to-Book Ratio, Influencing Factors,
Co-relationship